The NRI Account Minimum Balance is an aspect that has made many Non Resident Indians (NRIs) search the internet very often. It can be a struggle to individually visit every bank website and dig in for that one answer you are looking for. Top Banks in India such as ICICI, SBI, HDFC etc. have different minimum balance requirements. In this article, you will find the NRI account minimum balance in different Indian banks.
NRI Account Minimum Balance 2023
SBNRI has assorted the NRI Account Minimum Balance for every top bank in India to help NRIs with their research. You can check out the Minimum Balance Requirement for NRE/NRO Account for top banks in India in 2023.
Most of the Top Banks opt for an Average Quarterly Balance (AQB) or Average Monthly Balance (AMB) to open an NRE/NRO Account. The average AQB/AMB of most of the top banks for opening a NRE/NRO Account is Rs.10,000/-. Follow the grid for bank wise specification:
| Bank | NRE/NRO Minimum Balance |
|---|---|
| Axis Bank (AMB) | Rs.10,000/- |
| Yes Bank | Rs. 10,000 |
| IDFC (AMB) | Rs.25,000/- |
| Federal (AMB) | Rs.5,000/- |
| Kotak (AQB) | Rs.25,000/- |
| RBL (AMB) | Rs.10,000/- |
| ICICI (AMB) | Rs.10,000/- |
| HDFC (AMB) | Rs.10,000/- (Metro/ Urban branches) Rs.5,000/-(Semi-Urban/Rural Branches) |
| SBI (AMB) | Rs.3,000/- (Metro/ Urban branches)Rs.2,000/-(Semi-Urban)Rs.1,000/- (Rural Branches) |
| DCB (AMB) | Rs.10,000/- |
| IndusInd (AQB) | Rs.10,000/- |
| SBM | Rs. 10,000/- |
| BOB | Rs.1,000/- |
| Federal Bank | Rs. 5,000 |
Minimum Balance Required by Top Banks for NRI Accounts in India
The following banks offers best NRI accounts in India. The NRO/ NRE account minimum balance requirements vary from bank to bank. Let’s find minimum balance required by top Indian banks in India.
1. Balance Required in SBI NRI Account
SBI NRI Account Minimum Balance varies from Rs. 50,000 to Rs. 1 lakh, depending on areas where branches are located.
| Locations | SBI NRE/ NRO Account Minimum Balance |
|---|---|
| Metro & Urban Areas | Rs. 1 lakh |
| Semi-Urban and Rural Areas | Rs. 50,000 |
Also Read: SBI NRE Savings Account: Online Application
2. HDFC Bank Minimum Balance
The Minimum Balance in HDFC Bank NRI account ranges from Rs. 5,000 to Rs.10,000/-.
| Areas | HDFC NRE/ NRO Account Minimum Balance |
|---|---|
| Metro & urban Branches | Rs. 10,000 |
| Semi-urban/ Rural branches | Rs. 5,000 |
Also Read: HDFC NRE Savings Account: Features & Benefits
3. Axis Bank Minimum Balance in NRI Account
| Account Type | NRE/ NRO Account Minimum Balance |
|---|---|
| Axis Easy Savings Account | Rs. 10,000 to Rs. 12,000 |
Axis Prime Savings Account | Rs. 25,000 |
Also Read: Axis Bank NRI Account Opening: Apply for NRI Account Online
4. ICICI Bank NRI Account Minimum Balance
The minimum balance that you need to maintain in ICICI Bank NRI Account is Rs. 10,000.
Also Read: ICICI Bank NRE Savings Account: Features & Benefits
5. Balance Required in Bank of Baroda NRI Account
The NRI account holder needs to maintain a minimum of Rs. 1,000 in their Bank of Baroda NRI account.
Also Read: Bank of Baroda NRI Account Opening: Open NRI Account Online
6. Federal Bank NRI Account Minimum Balance
Federal Bank NRI account minimum balance varies based on NRE or NRO savings account type as under:
| Account Type | Federal Bank NRI Account Minimum Balance |
|---|---|
| Fed NRI Power | Rs. 5,000 |
| Fed NRI Premium | Rs. 25,000 |
| Fed NRI Privilege | Rs. 1,00,000 |
| Fed NRI Eve | Rs. 50,000 |
| FedFirst | Rs. 1,000 |
| Fed NRI Care | 1,000 |
| Fed NRE/NRO SB Online | Rs. 5,000 |
| Fed NRE Noor Online | Rs. 5,000 |
7. IndusInd Bank Minimum Balance
Given below is the Average Quarterly Balance Requirement for IndusInd bank-
(i) A & B Category Branches –
Rs. 10,000/- (Single Account)
Rs. 20,000/- (NRE & NRO Account, Combined Balance)
C & Rural Category Branches –
Rs. 5,000/- (Single Account)
Rs. 10,000/- (NRE & NRO Account, Combined Balance)
8. Kotak Bank Minimum Balance
The average quarterly balance of Rs. 25,000 is required for NRE/NRO account of Kotak Bank.
9. SBM Bank NRI Account Minimum Balance
The average monthly balance for SBM NRI Account minimum balance is Rs. 10,000.
Zero Balance NRI Account
Zero Balance NRI Account
There are not many Indian banks that offer zero balance NRI account. SBM (State Bank of Mauritius) allows zero balance NRI account. However, several banks allow NRIs to maintain minimal balance as low as Rs. 5000, like Yes Bank, Federal Bank, etc.
Download the SBNRI App or click on the button below to open your NRI Bank Account in the top banks of India effortlessly at the comfort of your home.
FAQs
You can not deposit INR cash in an NRE Account. The NRE Account is used to maintain the income earned outside India. However, you can deposit foreign currency cash in your NRE Account. For deposits up to $5000, no additional papers are required, however if the amount of deposit is greater than $5000, you need to provide the Custom Declaration Form (CDF). With the form, there is no limit for cash deposits in an NRE Account.
Every major bank in India provides multiple benefits such as interest rates on deposits, variable minimum balance requirements, remittance options etc on their NRE Accounts. Also, the account opening processes offered by the top banks in India creates a major difference when considering ease and convenience. You can choose the best bank to open your NRE Account according to your needs. Browse through the account opening process for the top banks in India to choose the best bank and NRE Account.
SBM offers a zero-balance NRI Account. To know about the account opening process at State Bank of Mauritius, click here.
There are various credits that are allowed in the NRE Account known as Permissible Credits. Credits refer to the money that can be deposited in a bank account. The permissible credits in an NRE account are:
1. Inward remittance from outside India
2. Interest earned on the money deposited in the NRE account
3. Interest on investments made through the NRE Account
Transfer from other NRE/ FCNR(B) accounts
4. Maturity gains from investments (if such investments were made from this account or through inward remittance)
There are certain restrictions on NRE Accounts as well. NRIs cannot deposit the following funds in the NRE account because NRE accounts are used to maintain the income earned outside India:
1. Cash in Indian Rupees
2. Gifts received in India
3. Any form of income generated in India (such as rent from property, pension etc.)
Yes, banks can change the minimum balance requirement for NRI accounts. They may revise their policies, including the minimum balance criteria, based on various factors such as market conditions, regulatory changes, and internal considerations. It is important to stay updated with the latest information from your bank.
Yes, an NRI can have both an NRE and NRO account with the same bank or different banks in India. The NRE account is suitable for holding foreign income, while the NRO account is designed for managing income earned in India. Having both accounts can help segregate and manage your funds effectively.
Yes, NRE and FCNR accounts are repatriable, which means that funds in these accounts can be freely transferred back to the account holder’s overseas bank account. The principal amount and the interest earned in these accounts can be repatriated without any restrictions. However, the repatriation of funds from an NRO account is subject to certain conditions and limits set by the RBI.
The SBI NRO account minimum balance is Rs. 1 lakh for metro/urban locations and Rs. 50,000 for semi-urban/rural areas.
